Finance Minister Nirmala Sitharaman speaking on the occasion of the introduction of the ‘Vivad Se Vishwas’ scheme , said the government has taken up the scheme with the intention of reducing tax disputes.
Finance Minister Nirmala Sitharaman announced in the Lok Sabha on Monday that the ‘Vivad Se Vishwas’ scheme introduced in the new budget will help solve the income tax cases and save time and money. He said the scheme is particularly useful for resolving direct tax disputes.
In many tribunals and courts, 4.83 lakh direct tax cases involving Rs 9.32 lakh crore are under investigation. Nirmala Sitharaman said the scheme, devised to free the tangled amount in such disputes,offers an opportunity to resolve tax disputes and saves the time for the government and the people alike.
Sitaraman said that this type of scheme was also announced in the case of an indirect tax dispute. Under this proposed scheme, the interest and penalty will be fully exempted for those who pay the amount of tax incurred in the dispute by March 31. However, they will also have to pay an additional 10 percent dispute tax on the amount of taxes to be paid. The scheme is available until June 30, 2020.
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